Investor access

Capacity is the constraint.

Vault 01 is in preparation and not yet open for subscriptions. Once the fund is authorised it will be open only to professional and semi-professional investors, and our seed round is allocated mostly through existing relationships. If you'd like to stay close, there are two ways in.

We are not running a broad raise. Vault 01 is hard-capped at $10M for its proof of concept and open only to professional and semi-professional investors, and our seed round is allocated mostly through existing relationships. If you'd like to be considered, there are two ways in.

Vault 01 waitlist openVault 01 interest list open Seed round by introduction Professional investors only
For allocators Open

Vault 01 waitlist

Vault 01 interest list

Vault 01 is not yet open for subscriptions. Leave your details and we'll contact you once the fund is authorised and its offering documents are available. Registering is not an offer and commits you to nothing.

  • Updates on the fund's authorisation and launch
  • Direct line to the founders
  • Try the dealing flow on the testnet demo today

Reserve priority access to the ETH cash and carry fund before dealing opens. Capacity is capped, and allocations are offered in waitlist order after onboarding with the fund administrator.

  • 0% performance fee in year one for founding investors in the first $10M, subject to the final fund documents
  • Priority allocation before the $10M proof-of-concept cap fills
  • Subscribe in USDC, redeem daily at NAV. Semi-professional minimum €200,000
  • Direct line to the founders through launch

You're on the list.

We'll reach out in waitlist order to start onboarding with the fund administrator. Meanwhile, you can try the dealing flow on testnet.

We'll let you know once the fund is authorised. Meanwhile, you can try the dealing flow on testnet.

For venture investors By introduction

Seed round

Our seed round is being allocated mostly through existing relationships, and we aren't taking general pitch meetings. We hold a small allocation for strategic partners: funds and operators who bring distribution, liquidity or regulatory depth.

We read every inquiry and reply where there is a clear strategic fit. Warm introductions are prioritised.
Vault 01 terms

Fund terms at a glance.

Indicative terms of the founding share class. Final terms are set in the fund's offering documents.

Strategy
ETH cash and carryLong spot ETH, short an equal ETH perpetual. Net delta close to 0.
Fund units
MDELTAERC-3643 permissioned units, issued and redeemed through an ERC-7540 vault
Dealing
DailySubscriptions and redemptions settle each business day at the administrator's NAV
Venue
HyperliquidSpot and perp on one venue today; more venues later
Perp leverage
Capped at 3×The keeper may run lower, never higher
Fees
19.5% performance feeAbove the high-water mark, plus fund costs (administration, depositary, audit). No management fee.
Investors
ProfessionalProfessional and semi-professional (min. €200,000). No US persons.
Founding investors
0% performance feeIn year one, for founding investors within the $10M proof-of-concept cap
Diligence

Questions allocators ask.

Who can invest?

Professional investors, and semi-professional investors who invest at least €200,000 and meet the other statutory conditions. US persons and residents of sanctioned countries are excluded. Every investor is onboarded and KYC-checked by the fund administrator before their wallet can hold units.

What exactly do I hold?

MDELTA fund units: ERC-3643 permissioned tokens that form the fund's unit register on-chain. They are issued when a subscription settles and burned when a redemption settles, always at the administrator's NAV. Units can only be held by verified, eligible wallets.

How does dealing work?

You request a subscription in USDC or a redemption in units at any time. At the daily cutoff the dealing period closes, the administrator strikes the NAV, and requests settle at that NAV. You then claim your units or USDC. There is no instant mint or redeem.

Where does the return come from?

Mainly from perpetual-futures funding. When the market is net long, longs pay shorts, and the fund holds the short leg. Spot ETH offsets the price exposure. Funding rates vary and can turn negative, which is the main source of return variance. Returns can be negative.

What if many investors redeem at once?

If net redemptions on a dealing day exceed 15% of NAV, every request is filled by the same percentage and the rest rolls to the next dealing day with no priority. Net outflows pay an anti-dilution levy that stays in the fund for the remaining investors.

How are fees charged?

There is no management fee. A 19.5% performance fee applies only to gains above the high-water mark, calculated by the fund administrator. Fund costs such as administration, depositary and audit are charged to the fund. Founding investors in the first $10M pay no performance fee in year one, subject to the final fund documents.

Who controls the fund?

The strategy runs on-chain and will be supervised by a licensed Liechtenstein AIFM. The AIFM sets the limits the strategy runs within, owns risk management and valuation oversight, holds the admin keys through a multisig and timelock, and decides when to resume after a circuit breaker. A depositary oversees the assets. MidenDelta builds and operates the strategy under the AIFM's mandate; its execution keeper cannot withdraw assets or change limits. Over time, MidenDelta plans to obtain its own AIFM licence in Liechtenstein and manage the funds directly.

Is it audited?

Not yet. Vault 01 runs today as a testnet prototype. Before mainnet we will complete formal verification, a tier-1 audit and a full legal review with the fund manager.